Bulls remain in control of the trend in EURUSD.

Despite the bearish candlestick pattern in the Daily chart yesterday in EURUSD, price has held above the short-term support of 1.1775-1.1785 that we noted in our previous analysis. Today price is breaking to new highs above 1.1845.

analytics612f8483dee02.jpg

Red lines - bullish divergence

Blue lines- Fibonacci retracements

EURUSD's daily candlestick is taking back what was lost yesterday. Price remains above the support of 1.1775-85 and is making a new higher high. Price is making higher highs and higher lows in the 4 hour time frame. As long as this is the case we remain in a bullish trend approaching our target of 1.19.

The material has been provided by InstaForex Company - www.instaforex.com

Pages